Restructuring should be a constant
Berkshires investment returns suggests it is an efficient corporate machine. It has increased book-value per share by an average of 19% a year since 1965.

“Still, Buffett notes that the company is undergoing constant restructuring and has been since it started in its current form more than 50 years ago,” says Tevfik.

He says share price moves during the Australia reporting period suggest investors are happy to pay up for companies pulling levers to increase returns rather than just waiting on the economy to carry them along.